# Changes from version 4 to version 5: full comparison *Prepared October 29, 2026, after the Commission's adoption meeting.* This note compares [[Draft Final Report v4|version 4]], the draft considered on October 29, 2026, with [[Final Report v5|version 5]], the report as adopted, paragraph by paragraph. ==Highlighted text== was added; ~~struck text~~ was deleted. Unchanged paragraphs are omitted. Sections are in version 5 order and use version 5 headings. Version 5 carries out the six amendments adopted on October 29, 2026, the votes on the minutes, and the conforming and editorial changes the final motion authorized; it removes the draft-only material (the draft notice, the "Changes from version 3" list, and the blank vote lines). No other text was changed. **Totals:** 46 paragraphs changed, 34 added, 63 deleted (table rows and list items are counted separately; the "Changes from version 3" list counts as one). The editorial corrections in summary item 15 are shown together in the final section and are not included in these totals; the statement changes are shown in place. ## Summary of changes 1. **Status and front matter.** Version 5 is the final report, adopted October 29, 2026. The link to version 3, the "Draft for adoption" notice, the "Changes from version 3" list, and the draft line on the letter of transmittal are removed (title block; Letter of transmittal). 2. **Adoption record.** The blank member, motion, and contested-item tables are removed from the front matter, which now states the adoption in one sentence under the heading "Adoption" and refers to Appendix C. The record of the meeting is in a new subsection of Appendix C, "Record of adoption, October 29, 2026": attendance and the roll call on adoption (5 to 0, Moranti abstaining; moved by Kisch, seconded by Moranti), how the Commission voted, the six amendments with mover, seconder, and result, the final motion, and the minutes votes. The due date for statements is stated in the Disclaimer (item 12). The Recommendations summary and the list of appendices refer to Appendix C for the record (Adoption; Recommendations; Appendices list; Appendix C). 3. **Amendment 1, tokenized securities.** The §2.5 limiting language is kept, and markets in tokenized securities become a further-study item in Recommendation 13; conforming changes in the executive summary and §2.5 (What the Commission concluded; Four bills for 2027; §2.5; §12.5, Recommendation 13). 4. **Amendment 2, the RSA 399-G:3, VII exemption.** The new chapter should not narrow the exemption "as it applies to builders" (§12.1, Recommendation 5 and its summary; Appendix J). 5. **Amendment 3, memorandum of understanding.** References to a memorandum of understanding between the Banking Department and the Bureau of Securities Regulation are struck (§12.1, Recommendation 7 and its summary). 6. **Amendment 4, securities guidance.** The Bureau of Securities Regulation is to study the issue and, if necessary, publish guidance; Bill B no longer ties guidance to a particular SEC staff statement (Four bills for 2027; Recommendations table; §12.2, Recommendation 8 and its summary; Appendix J). 7. **Amendment 5, LSR 2027-0239.** The title of LSR 2027-0239 is added (§12.5, Recommendation 10; short form in Four bills for 2027). 8. **Amendment 6, blockchain-based trusts.** The Commission endorses further study of the concept of blockchain-based asset protection trusts; the 2028 redraft timeline is kept (§9.3; §12.5, Recommendation 12 and its summary). 9. **Motion labels.** The numbered motions (Motions 1 to 15) become summaries "as adopted," and "Possible alternatives" become "Alternatives considered" (§9.3; §12; §12.1 to §12.6; What the Commission concluded; Recommendations). 10. **Minutes.** The October 15, 2026 minutes are recorded as approved and the February 10, 2026 correction as adopted, with the vote; the October 29, 2026 minutes (R-45) are linked and noted as not approved (Appendix B; Appendix C; Appendix E). 11. **Prof. Oranburg's statement.** A note records his departure at about 10:49 AM and his statement for the record approving the report to that point (Appendix C). 12. **Statements.** State departments and members were invited to submit written statements by 2:00 PM, Friday, October 30, 2026; statements received are reproduced in Appendices F and G in the order received, without editing. Each appendix notes that none had been received as of publication on October 29, 2026, and carries a hidden Obsidian comment (%% %%, not shown when published) with a template for adding statements as they arrive (Disclaimer; Appendix F; Appendix G). 13. **Meetings table.** The October 29, 2026 row lists the amendments, the vote on adoption, and the minutes votes (§2.3; Appendix I). 14. **Editorial corrections to match the record.** Under the Chair's authority in the final motion to make conforming and editorial changes, four passages that put "real and unresolved" in quotation marks as the Banking Department's words now attribute that wording to the approved May 13, 2026 minutes, which paraphrase the Department rather than quote it; the meeting video does not record the words as spoken. Two phrases are brought into line with Deputy Commissioner Moranti's October 15, 2026 testimony that the asset-based assessment applies only when needed and that the increase in supervisory work would be modest: "shrink the assessments that fund examination" becomes "reduce the bank payments that help fund examination," and "would add supervisory work" becomes "could add some supervisory work." No finding or recommendation changes (§4.4; §6; Finding 6; §11.1). 15. **Further editorial and conforming corrections before publication.** Under the same authority, and changing no finding, recommendation, or vote: the glossary is described as published separately as [[Glossary of Terms]], not reproduced (Appendices note; Appendix D); "four ways" becomes "six ways" to match the six protections listed (§12.1, Recommendation 2); the Recommendation 13 summary line adds markets in tokenized securities, and the Recommendation 12 summary lines add study, to conform to Amendments 1 and 6 (Recommendations; §12 table); §2.5 says the Commission makes no recommendation on tokenized securities other than further study (Recommendation 13), matching the same paragraph; the BitGo summary notes that the BFA Bitcoin-backed bond was proposed and rejected July 8, 2026 (§2.6); "Banking Commissioner" becomes "Bank Commissioner," the statutory title (RSA 383), in running text (§2.2; §12.1, Recommendation 3; Appendix J); the Plume (R-5) and Huyett and Quirk (R-11) record links are repaired (Appendix B; Appendix E); "both agencies" is spelled out as the Banking Department and the Bureau of Securities Regulation, as in Recommendation 11 (§13); §8.1 is added to a citation (What the Commission concluded); an internal note on the Fiserv deck is replaced with "Fiserv's slides were not provided for the record" (Appendix B); and the statement deadline and appendices are completed (item 12). Each change is shown in the final section of this note. ## Final Report of the Commission to Study Stable Tokens, Tokenized Real-World Assets, and Blockchain-based Trusts Frameworks **Deleted:** ~~Previous version: [[Draft Final Report v3|Version 3]]~~ **Deleted:** > [!note] ~~Draft for adoption~~ > ~~This is the draft the Commission will consider at its October 29, 2026 meeting. It has not been adopted. Each motion proposed for a vote is numbered (Motions 1 to 15, in §9.3 and §12) so the roll call can refer to it; the adoption record and the letter of transmittal will be completed after the vote.~~ **Deleted:** the "Changes from version 3" summary list at the top of version 4 (marked "to be removed from the adopted report"). **Added:** ==*Adopted by the Commission on October 29, 2026.*== ## Letter of transmittal **Deleted:** ~~*Draft, for signature after the Commission votes on adoption.*~~ ## Adoption *Heading changed from "Adoption record."* **Deleted:** ~~*To be completed at the October 29, 2026 meeting. If any member participates remotely, at least one-third of the members must be present in the room and all votes must be by roll call (RSA 91-A:2, IV(b)); a quorum is five members (RSA 383:26, III).*~~ | ~~Member~~ | ~~Present (in person / remote) or absent~~ | ~~Vote on adoption~~ | |---|---|---| | ~~Rep. Keith Ammon, Chair~~ | | | | ~~Rep. Jim Kofalt, Vice Chair~~ | | | | ~~Rep. Chris McAleer~~ | | | | ~~Sen. Tara Reardon~~ | | | | ~~Sen. Daryl Abbas~~ | | | | ~~Michael Moranti (Banking Commissioner's designee)~~ | | | | ~~Brandon Garod (Attorney General's designee)~~ | | | | ~~Katie Taylor (Secretary of State's designee)~~ | | | | ~~Jim Kisch~~ | | | | ~~Andy Schwab~~ | | | | ~~Dan Nuñez Cohen~~ | | | | ~~Prof. Seth Oranburg~~ | | | | ~~Motion~~ | ~~Subject~~ | ~~Result (in favor / opposed / abstaining)~~ | |---|---|---| | ~~1~~ | ~~Recommendation 1: certifiable state issuer framework~~ | | | ~~2~~ | ~~Recommendation 2: protections beyond the federal floor~~ | | | ~~3~~ | ~~Recommendation 3: rules for monitoring, freezing, and reversing tokens~~ | | | ~~4~~ | ~~Recommendation 4: tokenized deposits~~ | | | ~~5~~ | ~~Recommendation 5: safe harbor and binding answers for builders~~ | | | ~~6~~ | ~~Recommendation 6: Office of Financial Innovation (Bill D)~~ | | | ~~7~~ | ~~Recommendation 7: supervisory structure and federal partnerships~~ | | | ~~8~~ | ~~Recommendation 8: tokenized real-world assets (Bill B)~~ | | | ~~9~~ | ~~Recommendation 9: privacy in digital money (Bill C)~~ | | | ~~10~~ | ~~Recommendation 10: one body to carry the work forward~~ | | | ~~11~~ | ~~Recommendation 11: federal engagement and interstate cooperation~~ | | | ~~12~~ | ~~Recommendation 12: blockchain-based trusts redraft~~ | | | ~~13~~ | ~~Recommendation 13: further study~~ | | | ~~14~~ | ~~§9.3: Commission position on blockchain-based trusts~~ | | | ~~15~~ | ~~§12.6: no-statute baseline not adopted~~ | | | ~~Final~~ | ~~Motion to adopt the report and its findings and recommendations, as amended~~ | | ~~*Decisions on contested items, taken before the motions above (October 29 agenda, Section IV):*~~ | ~~Vote~~ | ~~Question~~ | ~~Result (in favor / opposed / abstaining)~~ | |---|---|---| | ~~Minutes~~ | ~~Approval of the October 15, 2026 minutes, as corrected~~ | | | ~~Minutes~~ | ~~Correction of the approved February 10, 2026 minutes (Appendix C)~~ | | | ~~A~~ | ~~Recommendation 5: refer narrowing the RSA 399-G:3, VII exemption to study~~ | | | ~~B~~ | ~~Recommendation 8: change-of-control threshold for the transfer tax, or study only~~ | | | ~~C~~ | ~~Recommendation 13: keep or drop the study of tokenized money market fund shares and the Public Deposit Investment Pool~~ | | | ~~D1~~ | ~~Delete the statements on the Banking Department's funding model and supervision (§4.4, §6, Finding 6, §11.1)~~ | | | ~~D2~~ | ~~If D1 fails: restate them without attribution~~ | | | ~~E1~~ | ~~§11.2: delete the $1 billion sentence~~ | | | ~~E2~~ | ~~§11.2: replace "unsupervised"~~ | | | ~~F1~~ | ~~§4.1: delete the "What would be lost" and FedNow sentences and the "What could go wrong" box~~ | | | ~~F2~~ | ~~§6: delete the tokenized real-world assets row~~ | | | ~~G1~~ | ~~§4.4: add the CEA and Federal Reserve analyses~~ | | | ~~G2~~ | ~~Take a position on affiliate yield or the CLARITY Act (not put unless a member moves it)~~ | | | ~~H~~ | ~~§2.5: drop the remaining non-government outside sources~~ | | | ~~I1~~ | ~~Open question (Rec 13): a right to keep property records and deposits non-tokenized (Parker Feld)~~ | | | ~~I2~~ | ~~Open question (Rec 13): requiring businesses to accept cash (Parker Feld)~~ | | | ~~I3~~ | ~~Open question (Rec 13): tokenizing natural assets (Parker Feld)~~ | | ~~Members absent: ________.~~ ~~Statements for the appendices: departments (Appendix F): ________; members (Appendix G): ________. If none: appendix removed and later appendices relettered / kept with "None submitted" (circle one).~~ **Added:** ==The Commission adopted this report on October 29, 2026, at the State House in Concord, by roll call, 5 to 0, with one abstention. The record of the vote, the amendments adopted at the meeting, and the final motion are in Appendix C.== *The record of the meeting appears in Appendix C, "Record of adoption, October 29, 2026," and is shown there below; the due date for statements is in the Disclaimer (summary item 15).* ## What the Commission concluded **Changed:** **What the Commission does not recommend.** It does not recommend that New Hampshire issue its own token now, as Wyoming does; it recommends study first (Recommendation 13). Nor does it recommend a state bank; relying on tokenized deposits alone, with no issuer statute ~~(Motion 15);~~==(§12.6);== a new licensing law for tokenized real-world assets, since those in the record are securities or LLC interests that existing law already covers; or enactment of the blockchain-based trusts draft as written, which should be redrafted for 2028 (Recommendation 12) (§12.6, §12.7). It takes no position on markets in tokenized securities, which it did not study ~~(§2.5).~~==(§2.5), and recommends that they be studied further (Recommendation 13).== ## Four bills for 2027 **Changed:** | Bill | What it does | Recommendations | Possible committees | | ------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------- | ------------------------------------------------------------------------------------------ | | B. Tokenized real-world assets | A change-of-control test for the real estate transfer tax, on-chain ownership registers, ==study of== securities guidance, and a voluntary safe harbor for verifiable tokens (proof-of-reserves, independent attestation, and contract audits) | 8 | House Ways and Means and Commerce and Consumer Affairs; Senate Ways and Means and Commerce | **Changed:** Passing Bill A in 2027 is preferable: a conditional certification filed by January 18, 2028 meets the federal deadline, but federal review begins only when the filing is complete (§4.1). Bills B, C, and D stand on their own and cannot delay it. Recommendations 10, 12, and 13 run through LSR ~~2027-0239~~==2027-0239,== ~~(§3.4)~~==the proposed task force on emerging technologies and digital innovations (§3.4),== or a successor body, and Recommendation 11 is agency action. Appendix J maps each bill. The Office of Financial Innovation (Recommendation 6) is proposed as its own bill, Bill D, so that it does not ride on the certification bill; the Banking Department's filed framework (LSR 2027-0200) does not include it. Committees are listed only as possibilities; referral is for the Speaker of the House and the President of the Senate. The report does not address markets in tokenized ~~securities~~==securities,== ~~(§2.5).~~==other than to recommend further study (§2.5; Recommendation 13).== ## Recommendations **Deleted:** ~~All recommendations are proposed for Commission vote. Each is explained in §12, where Motions 1 to 13 state them for the vote.~~ **Added:** ==The Commission adopted these recommendations on October 29, 2026, with the amendments listed in Appendix C. Each is explained in §12.== **Changed:** | No. | Recommendation | Vehicle | |---|---|---| | 8 | Make New Hampshire a home for tokenized real-world assets: a change-of-control transfer tax, on-chain ownership registers, ==study of== securities guidance, and a voluntary safe harbor for verifiable tokens | Bill B | ## 2.3 Meetings **Changed:** The Commission met twelve times in public in Concord, at 1 Granite Place and at the New Hampshire Banking Department, 53 Regional Drive, from September 17, 2025 to September 17, 2026. Several meetings offered Microsoft Teams access; the public attended, asked questions, and once presented. The Commission met on October 15, 2026 to review this report in draft, with five members present, and on October 29, 2026 at the State House to adopt it, ==with six members present,== for fourteen meetings in all. Appendix I lists each meeting's date, presenters, and topics. ## 2.5 How to read this report **Changed:** **Tokenized securities.** The Commission took no evidence on markets in tokenized securities, such as tokenized stocks and the venues that trade them, and makes no recommendation on them. On September 17, 2026, the SEC issued a five-year order granting temporary, conditional exemptive relief, the "Innovation Exemption," to qualifying Tokenized Securities Venues from the definition of "exchange" under Exchange Act section 3(a)(1), and to qualifying liquidity providers from the definition of "dealer" under section 3(a)(5), for on-chain trading of tokenized NMS stock, expiring September 17, 2031 (SEC Release No. 34-106402; 91 FR 60168, September 22, 2026). The relief is narrow: it does not create a general exemption for tokenized securities, permit primary offerings through such a venue, or displace Securities Act registration requirements. Where a tokenized real-world asset is itself a security, such as a fund share or an LLC interest, existing securities law applies (§8.3), and the Bureau of Securities Regulation, not the Banking Department, is its regulator (Recommendation 7). ~~Further~~==The== ~~work~~==Commission== ~~on~~==recommends further study of markets in== tokenized securities ~~is~~==(Recommendation== ~~one~~==13),== ~~of the open questions in Recommendation 13, for~~==by== the body under Recommendation 10. ## 4.4 Financial stability and New Hampshire banks **Changed:** The Banking Department ~~called~~==described== the effect of outflows on its self-funded examination model ~~"real and unresolved" (May 13),~~==as a real and unresolved question, according to the approved May 13 minutes,== and a state issuer regime ~~would~~==could== add ==some== supervisory work. On October 15, Deputy Commissioner Moranti explained that the Department is funded by per-institution payments, an asset-based assessment when needed, and licensing and examination fees; that banks are a small part of what it regulates; and that his greater concern about deposit outflows is fewer state-chartered choices for consumers, not the Department's budget. ## 6. Benefits and risks for New Hampshire **Changed:** | Use | Benefit claimed | Risk raised | |---|---|---| | **Community-bank deposits** | Stablecoin speed with deposits kept in local lending (Main, May 13; Healey, Merrill, and Kisch, September 17). | Deposit flight, up to about $5 billion in one vendor scenario (Table 4.1, §4.4); the effect on the Banking Department's self-funded model is ~~"real and unresolved" (May 13).~~==a real and unresolved question, according to the approved May 13 minutes.== | ## 9.3 Commission position **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Commission== ~~14~~==position== (§9.3), ~~proposed~~==as== ~~for Commission vote~~==adopted== > The Commission endorses ==further study of== the concept of blockchain-based asset protection trusts as a promising extension of New Hampshire's trust leadership, and recommends that the draft be redrafted, placed in RSA 564-B, and reviewed by the Attorney General and the trust bar, for introduction no later than the 2028 session, resolving the points in Appendix H (Recommendation 12). > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== endorse the draft for introduction as written; refer for further study without endorsement. ## 10. Findings **Changed:** **Finding 6. Deposit flight is the most-cited risk, and its size is uncertain.** Interested parties estimated up to about $1.7 billion (American Bankers Association, as revised; cited at about $1.9 billion by the Chair, May 4, for the NH Bankers Association) and about $5 billion under a 10% erosion scenario (Vantage Bank, May 13); the Banking Department ~~called~~==described== the effect on its funding ~~"real and unresolved" (May 13),~~==as a real and unresolved question, according to the approved May 13 minutes,== and later said its greater concern is fewer state-chartered choices for consumers (October 15). (§4.4) ## 11.1 What is at stake **Changed:** - **Community banks and the Banking Department.** "We can't lend if we don't have deposits," Healey quoted Andrew Silsby of Kennebec Savings Bank as saying (September 17). Deposit loss would also ~~shrink~~==reduce== the ~~assessments~~==bank payments== that ==help== fund examination, a question the Department ~~called "real and unresolved" (May 13);~~==described as real and unresolved, according to the approved May 13 minutes;== on October 15 it said the greater effect would fall on consumers, through fewer state-chartered banks. The deposit-flight figures come from interested parties, but no presenter disputed the direction of the risk (§4.4). ## 12. Recommendations **Changed:** *Answers RSA 383:26, I and IV. Each recommendation below ends with a ~~numbered~~==summary== ~~motion~~==as== ~~proposed~~==adopted== ~~for~~==by the== Commission ~~vote,~~==on October 29, 2026,== with ~~possible~~==the== ~~alternatives;~~==alternatives== ~~Motion~~==the== ~~1~~==Commission== ~~corresponds to Recommendation 1, and so on through Motion 13.~~==considered.== Committees are listed only as possibilities; referral is for the Speaker of the House and the President of the Senate.* ## 12.1 Bill A: certification and consumer trust **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~1~~==1,== ~~(Recommendation~~==as== ~~1), proposed for Commission vote~~==adopted== > Enact a Banking Department issuer framework designed for certification on time. Do not create a state-issued token now; study it instead (Recommendation 13). > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== Wyoming-style state issuance now; virtual-currency licensing (New York model); special purpose depository institution model; relying on tokenized deposits alone (§12.6). > *Banking Department position:* the Department proposed the 120-day period and the fee approach, and asked that the ~~motion~~==summary== not restate features already in its proposal. **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~2~~==2,== ~~(Recommendation~~==as== ~~2), proposed for Commission vote~~==adopted== > Require New Hampshire issuers to exceed the federal floor: par redemption for every holder with capped fees, limits on reserve concentration with monthly public reserve reports and a resolution plan, plain point-of-sale disclosure with a compliance mark, a limit on which stablecoins service providers may offer residents, and a privacy floor. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== adopt the federal standards only; require par redemption only above a minimum amount; drop the privacy floor and rely on federal financial privacy law; omit the compliance mark. **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~3~~==3,== ~~(Recommendation~~==as== ~~3), proposed for Commission vote~~==adopted== > Put statutory rules for monitoring, freezing, seizing, and recalling tokens in Bill A, with the legal bases, due process, transparency, safe harbor, and supervisory carve-outs above. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== leave these actions to each issuer's terms of service, subject to federal law; allow state-requested actions on administrative process without a court order. **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~4~~==4,== ~~(Recommendation~~==as== ~~4), proposed for Commission vote~~==adopted== > Rely on the existing definition of deposit, direct Banking Department guidance confirming that tokenized deposits are deposits, and quarterly deposit reporting, and give the State no role in a bank network's governance, membership, or vendor choice. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== define "tokenized deposit" by statute; give the State a governance role in a bank-led network. > *Banking Department position:* the Department opposes any statutory change to the definition of deposit that is out of alignment with the FDIC. New Hampshire defines "deposit" by reference to the federal definition (RSA 383-A:2-201(a)(18)), and the FDIC has proposed that a tokenized product meeting the federal definition is a deposit, insured like any other, with technology not a factor (FDIC notice of proposed rulemaking, approved April 7, 2026, 91 FR 18534, April 10, 2026; not yet final). At the Department's request, the statutory element has been removed. **Changed:** - **The existing exemption.** The new chapter should not narrow RSA 399-G:3, VII, which exempts transfers of convertible virtual currency from money transmitter ~~licensing~~==licensing, as it applies to builders== (§8.1) (drafting detail in Appendix J). **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~5~~==5,== ~~(Recommendation~~==as== ~~5), proposed for Commission vote~~==adopted== > Enact the builder safe harbor, preserve RSA 399-G:3, ~~VII,~~==VII as it applies to builders,== require 60-day answers to no-action and interpretive requests, and revisit a regulatory sandbox. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== rely on case-by-case guidance without a statutory safe harbor; omit the 60-day deadline; defer the sandbox to further study; narrow the RSA 399-G:3, VII exemption by transaction volume, or refer the exemption to study. > *Banking Department position:* preserving the exemption conflicts with the Department's discussions with the Chair about a proposal to narrow it based on transaction volume. **Changed:** **Recommendation 7. Supervisory structure and federal partnerships.** Bill A should name the Banking Department as the State payment stablecoin regulator and authorize the federal relationships certification needs: Federal Reserve Board examination participation and information sharing; joint supervision above $10 billion; arrangements letting New Hampshire trust companies hold reserves and private keys for issuers chartered anywhere; cooperative agreements with other states; and contract examiners and CSBS networked supervision (drafting detail in Appendix J). The Bureau of Securities Regulation keeps tokenized securities under RSA 421-B; for federally registered funds, such as tokenized money market fund shares, its role is notice filings and antifraud enforcement. ~~A memorandum of understanding between the two agencies should give each licensee a single lead examiner.~~ Crypto-backed securities and tokenized securities are not for the Banking Department (members, October 15). *Rationale:* the Chair posed the supervisory question (May 4), and GENIUS draws the same line, treating payment stablecoins as neither securities nor commodities (Circle, August 19). **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~7~~==7,== ~~(Recommendation~~==as== ~~7), proposed for Commission vote~~==adopted== > Banking Department as the State payment stablecoin regulator; Bureau of Securities Regulation for tokenized securities; ~~a memorandum of understanding between them;~~ the federal agreements above. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== Banking Department alone; Bureau of Securities Regulation alone; a new digital asset authority (Wyoming's direction, October 15, 2025). ## 12.2 Bill B: tokenized real-world assets **Changed:** - **Securities guidance.** The Bureau of Securities Regulation should ~~publish~~==engage== ~~guidance~~==in== ~~confirming~~==further== ~~that~~==study of how== RSA 421-B applies to tokenized ~~securities~~==securities,== ~~as it does to securities recorded on paper, covering~~==including== small and intrastate offerings for New Hampshire real estate ~~tokens~~==tokens, and, if necessary, publish guidance== (drafting detail in Appendix J). **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~8~~==8,== ~~(Recommendation~~==as== ~~8), proposed for Commission vote~~==adopted== > Enact Bill B: a change-of-control test for the real estate transfer tax, recognition of on-chain registers under UCC Article 8 with an LLC opt-in, Bureau of Securities Regulation ~~guidance~~==study== ~~on~~==of== tokenized securities, ==with guidance if necessary,== and a voluntary safe harbor for verifiable tokens. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== leave the transfer tax unchanged; identify the transfer tax issue for further study, using Department of Revenue Administration data, rather than propose a threshold now (October 15); exempt token transfers from the transfer tax entirely; rely on existing corporate records law without an Article 8 opt-in; make the proof-of-reserves and attestation parts mandatory for tokens sold to retail buyers as backed by liquid assets; or omit the safe harbor. ## 12.3 Bill C: privacy in digital money **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~9~~==9,== ~~(Recommendation~~==as== ~~9), proposed for Commission vote~~==adopted== > Adopt Bill C on the base of RSA 359-C, with a warrant or court-order standard and the exceptions listed. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== keep "legal process," which includes administrative subpoenas, as the standard; write a separate digital-money privacy chapter; make no CBDC provision. ## 12.4 Bill D: Office of Financial Innovation **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~6~~==6,== ~~(Recommendation~~==as== ~~6), proposed for Commission vote~~==adopted== > Establish an independent Office of Financial Innovation, administratively attached to the Department of Administrative Services, advisory and coordinating only. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== place the office in the Banking Department, the Department of Business and Economic Affairs, or the State Treasury; carry the Office in Bill A rather than a separate bill; rely on the body under Recommendation 10 alone; create no office. ## 12.5 Continuing work and agency action **Changed:** **Recommendation 10. One body to carry the work forward.** RSA 383:26 is repealed on November 1, 2026; the work should have one owner. If LSR ~~2027-0239~~==2027-0239,== ~~(§3.4)~~=="establishing a task force to study emerging technologies and digital innovations in the areas of blockchain, cryptocurrency, artificial intelligence, and cybersecurity" (Rep. John Schneller) (§3.4),== is introduced as a bill, the General Court should charge its task force with this agenda: progress toward certification (Recommendation 1), oversight of the trusts redraft (Recommendation 12), and the studies in Recommendation 13; if not, it should establish a successor body with similar membership. Either body should include the State Treasurer and the Department of Revenue Administration (Moranti, December 10, 2025), report by fixed dates, and be staffed by the Office (Recommendation 6). **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~10~~==10,== ~~(Recommendation~~==as== ~~10), proposed for Commission vote~~==adopted== > Ask that the task force proposed in LSR 2027-0239 carry this agenda, or establish a successor body if it does not advance. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== a separate successor body regardless of LSR 2027-0239; no successor. **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~11~~==11,== ~~(Recommendation~~==as== ~~11), proposed for Commission vote~~==adopted== > Consider commenting on Treasury's rule by November 30, 2026 and later federal rulemakings, with public notice of comment periods; explore interstate arrangements with CSBS and New England states; monitor any state consortium or compact and join early if study and due diligence support it; no compact legislation now. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== propose a compact now; take no position. **Changed:** **Recommendation 12. Blockchain-based trusts: redraft for introduction no later than the 2028 session.** The Commission endorses ==further study of== Ian Huyett's concept (November 12, 2025); he noted that no other state's commission had taken up the subject (§9.1). The body under Recommendation 10 should oversee a redraft amending RSA 564-B:5-505A, with Attorney General and trust bar review, resolving the points in Appendix H. **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~12~~==12,== ~~(Recommendation~~==as== ~~12), proposed for Commission vote~~==adopted== > Endorse ~~in~~==further study of the== concept; redraft in RSA 564-B with Attorney General and trust bar review, for introduction no later than the 2028 session. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== endorse the draft for introduction as written; refer for study without endorsement. **Added:** - ==**Markets in tokenized securities.** Tokenized stocks and other securities and the venues that trade them, including venues under the SEC's Innovation Exemption (§2.5), which the Commission did not study (Oranburg and Taylor, October 29, 2026).== **Changed:** - **Open questions:** liability for oracle, smart-contract, and AI-written code failures (April 6; May 4); agent transactions; algorithmic stablecoins (January 14; February 10); business tax treatment of stablecoins and reserve income (March 10); ==and== tokens that combine payment and asset features (October ~~15); and markets in tokenized securities, which the Commission did not study (§2.5).~~==15).== **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==Recommendation== ~~13~~==13,== ~~(Recommendation~~==as== ~~13), proposed for Commission vote~~==adopted== > Assign these studies to the body under Recommendation 10, with the lead agencies named above. > ~~*Possible~~==*Alternatives== ~~alternatives:*~~==considered:*== drop the state token study; drop the study of tokenized money market fund shares and the Public Deposit Investment Pool, as the Banking Department asks; begin a tokenized municipal bond pilot now rather than study it; let the questions lapse with RSA 383:26. ## 12.6 Considered and not recommended **Changed:** > ~~[!question]~~==[!summary]== ~~Motion~~==The== ~~15~~==no-statute baseline== (§12.6), ~~proposed~~==as== ~~for Commission vote~~==adopted== > Do not adopt the no-statute baseline. Confirm by guidance that bank tokenized deposits are deposits under existing law (Recommendation 4), but enact Recommendation 1. Relying only on tokenized deposits would let the January 18, 2028 certification window pass, leaving issuers no New Hampshire option and residents' stablecoins under other jurisdictions' rules. > ~~*Possible~~==*Alternative== ~~alternative:*~~==considered:*== rely on tokenized deposits under existing law and revisit after 2028. ## Appendices **Changed:** - **C.** Minutes of all meetings, in chronological order==, and the record of the report's adoption== ## Appendix B. Summaries of the presentations, by meeting date **Deleted:** ~~The summaries below are drawn from the Commission's approved minutes (for February 10, 2026, as proposed to be corrected; see Appendix C) and, for October 15, 2026, from the draft minutes pending approval at the October 29, 2026 meeting. Figures, claims, and proposals are those of the presenters, not findings of the Commission; the full minutes of every meeting appear in Appendix C.~~ **Added:** ==The summaries below are drawn from the Commission's approved minutes (for February 10, 2026, as corrected on October 29, 2026; see Appendix C). Figures, claims, and proposals are those of the presenters, not findings of the Commission; the full minutes of every meeting appear in Appendix C.== ## Appendix B: October 15, 2026 **Changed:** Drafting meeting; there were no presentations. Members reviewed the first draft of this report. Two guests commented on the record. Ashley Scott of Circle said the GENIUS Act requires an initial federal certification of a state regime and annual recertification, for which Treasury had not yet set a process; that Circle is the only issuer near the $10 billion threshold, the one larger issuer being foreign; and recommended that New Hampshire bar digital asset service providers (using the GENIUS term "DASP") from offering stablecoins that are not state-licensed, federally licensed, or from registered foreign issuers. Jennifer Ramsey, Tax Policy Counsel at the Department of Revenue Administration, said that, as the statute is written, each trade of a token backed by real estate held in an entity would probably trigger the real estate transfer tax, said any change would be a policy decision for the Legislature, and offered data on holding company transfers. The ==Commission approved the== minutes of this meeting ~~are in draft, pending approval~~ on October 29, 2026. ## Appendix C. Minutes of the Commission's meetings **Changed:** The Commission's minutes are reproduced in full, in chronological order, in Volume 2 (record numbers below and in Appendix E). Each set was approved at a later meeting, as shown ~~below;~~==below, except== the ~~October 15, 2026~~ minutes ~~are a draft until the Commission approves them on October 29, 2026. Minutes~~ of the October 29, 2026 ~~meeting~~==meeting,== ~~will~~==which== ~~be~~==the Chair== prepared after the ==Commission's final== meeting and ~~posted~~==which== ~~with~~==could== ~~the public record; they cannot~~==not== be approved ~~before~~==because== the ~~report~~==Commission== ~~is~~==held== ~~transmitted.~~==no further meetings.== Where a set says so, it was drafted with the help of AI tools from the meeting video or transcript and reviewed before approval (§2.4). **Changed:** | Meeting | Minutes (record number) | Approved | |---|---|---| | February 10, 2026 | [[2026-02-10_Minutes.pdf\|R-20]] | March 10, 2026; ~~correction proposed~~==corrected== October 29, 2026 (below) | | October 15, 2026 (drafting) | [[2026-10-15_Minutes.pdf\|R-44]] | ~~Draft; for approval~~ October 29, 2026 | | October 29, 2026 (adoption) | ~~R-45, not yet available~~==[[2026-10-29_Minutes.pdf\|R-45]]== | Not ~~before~~==approved;== ~~transmittal~~==no further meetings== | **Changed:** - *February 10, 2026.* The approved minutes attribute questions on bankruptcy, eviction, and a de facto mortgage to Deputy Commissioner Moranti. The meeting video (about 1:50:15 to 1:51:55) shows that Bank Commissioner Emelia Galdieri and Deputy Commissioner Moranti asked these questions together, at times speaking over each other. Commissioner Galdieri asked whether the case study was theoretical, what happens when the rent-to-own model goes bad, whether a de facto mortgage has been created, about bankruptcy, and how a holder is cashed out; Deputy Commissioner Moranti raised a tenant's eviction and the issuer's control of both the token's value and the property's value. The minutes also misspell the Commissioner's first name. ~~The~~==On October 29, 2026, the== Commission ~~will consider~~==adopted== the following ~~correction on October 29, 2026:~~==correction:== **Deleted:** - ~~*Result of the vote:* ________. If adopted, the corrected page will replace the original in the transmitted report, marked "Corrected by vote of the Commission, October 29, 2026."~~ **Added:** - ==*Result of the vote:* adopted by voice vote, with no opposition, on a motion by Mr. Kisch, seconded by Mr. Moranti, with the Chair given latitude to correct the spelling of the Commissioner's first name. The corrected minutes, marked "Corrected by vote of the Commission, October 29, 2026," replace the original (R-20).== **Added:** - ==*October 29, 2026.* Prof. Oranburg left the meeting at about 10:49 AM to teach a class, before the vote on adoption. Before leaving, he stated for the record that he had heard and approved of everything in the report up to that point in the discussion. The Chair noted that a member cannot vote in advance, so his statement is not counted in the roll call.== **Added (new subsection, "Record of adoption, October 29, 2026," after the notes on the record; moved from the front matter):** ==The Commission adopted this report on October 29, 2026, at the State House in Concord, by roll call, 5 to 0, with one abstention. Six members took part in the vote, four in the room and two remotely, a quorum (RSA 383:26, III).== | ==Member== | ==Attendance== | ==Vote on adoption== | |---|---|---| | ==Rep. Keith Ammon, Chair== | ==Present, in person== | ==Yes== | | ==Rep. Jim Kofalt, Vice Chair== | ==Absent== | | | ==Rep. Chris McAleer== | ==Absent== | | | ==Sen. Tara Reardon== | ==Absent== | | | ==Sen. Daryl Abbas== | ==Absent== | | | ==Michael Moranti (Banking Commissioner's designee)== | ==Present, in person== | ==Abstained== | | ==Brandon Garod (Attorney General's designee)== | ==Absent== | | | ==Katie Taylor (Secretary of State's designee)== | ==Present, in person== | ==Yes== | | ==Jim Kisch== | ==Present, in person== | ==Yes== | | ==Andy Schwab== | ==Present, remote== | ==Yes== | | ==Dan Nuñez Cohen== | ==Present, remote== | ==Yes== | | ==Prof. Seth Oranburg== | ==Present, remote, about 10:12 to 10:49 AM== | ==Not present for the vote (note above)== | ==**How the Commission voted.** The Commission reviewed the recommendations in §12, and its positions in §9.3 and §12.6, in order. Items to which no member objected were left as written and adopted in the final motion; each change was made by a separate motion and voice vote. The six amendments below are reflected in this report.== | ==Amendment== | ==Subject== | ==Moved== | ==Seconded== | ==Result== | |---|---|---|---|---| | ==1== | ==§2.5 and Recommendation 13: keep the limiting language on markets in tokenized securities and add them as an item for further study== | ==Oranburg== | ==Kisch== | ==Adopted, Moranti abstaining== | | ==2== | ==Recommendation 5: the new chapter should not narrow RSA 399-G:3, VII "as it applies to builders"== | ==Ammon== | ==Kisch== | ==Adopted, Moranti abstaining== | | ==3== | ==Recommendation 7: strike the references to a memorandum of understanding between the Banking Department and the Bureau of Securities Regulation== | ==Taylor== | ==Ammon== | ==Adopted== | | ==4== | ==Recommendation 8: the Bureau of Securities Regulation to engage in further study and, if necessary, publish guidance; conforming change to Bill B (Appendix J)== | ==Ammon== | ==Taylor== | ==Adopted, Moranti abstaining== | | ==5== | ==Recommendation 10: add the title of LSR 2027-0239== | ==Ammon== | ==Moranti== | ==Adopted== | | ==6== | ==Recommendation 12 and §9.3: endorse further study of the concept of blockchain-based asset protection trusts== | ==Kisch== | ==Taylor== | ==Adopted, Moranti abstaining== | ==**Final motion.** To adopt the report and its findings and recommendations, as amended at the meeting, and to authorize the Chair to make conforming and editorial changes, format the report as a PDF, and transmit it. Moved by Mr. Kisch, seconded by Mr. Moranti. Roll call: Taylor, yes; Kisch, yes; Moranti, abstained; Nuñez Cohen, yes; Schwab, yes; Ammon, yes. Adopted, 5 to 0, with one abstention.== ==**Minutes.** At the same meeting the Commission approved the minutes of October 15, 2026 and corrected the approved minutes of February 10, 2026, each on a motion by Mr. Kisch, seconded by Mr. Moranti, by voice vote (Table C.1; the February 10 correction is set out above).== ## Appendix E, Part 1. The Commission's record **Changed:** - *February 10, 2026.* [[2026-02-10_Minutes.pdf|R-20]]: Minutes ~~(correction proposed~~==(corrected== October 29, 2026; Appendix C); [[Digital AssetCanton Network - Presentation for NH Legislature.pdf|R-21]]: Digital Asset, Canton Network presentation; [[Token Commission 2026-02-10 - Porcupine Properties.pdf|R-22]]: Porcupine Properties, presentation. **Changed:** - *October 15, 2026.* [[2026-10-15_Minutes.pdf|R-44]]: Minutes, drafting meeting ~~(for approval~~==(approved== October 29, 2026). **Changed:** - *October 29, 2026.* ~~R-45:~~==[[2026-10-29_Minutes.pdf|R-45]]:== Minutes, adoption meeting ~~(to~~==(prepared== ~~be prepared after~~==by== the ~~meeting).~~==Chair; not approved, as the Commission held no further meetings).== ## Appendix F. Statements of state departments **Deleted:** ~~*Reserved.* State departments may state their own positions here, including positions they cannot take as agencies through their designees' votes (Disclaimer, §0). As of October 28, 2026, no department had submitted a formal statement. Statements offered at the October 29, 2026 meeting will be added before transmittal.~~ **Added:** ==State departments represented on the Commission were invited to submit written statements of their own positions, including positions they cannot take as agencies through their designees' votes (Disclaimer, §0), by 2:00 PM, Friday, October 30, 2026. Statements received are reproduced below in the order received, without editing.== ==*No statements had been received as of publication on October 29, 2026.*== ## Appendix G. Supplemental statements of members **Deleted:** ~~*Reserved.* Members may add statements here, including statements explaining a vote. As of October 28, 2026, none had been received. Statements offered at or after the October 29, 2026 meeting and received before transmittal will be added.~~ **Added:** ==Members were invited to submit written statements, including statements explaining a vote, by 2:00 PM, Friday, October 30, 2026. Statements received are reproduced below in the order received, without editing.== ==*No statements had been received as of publication on October 29, 2026.*== ## Appendix I. The Commission's meetings **Changed:** | Date | Presenters | Principal topics | |---|---|---| | Oct 29, 2026 | (adoption meeting, State House) | ~~Vote~~==Amendments== to ~~adopt~~==§2.5, §9.3, and Recommendations 5, 7, 8, 10, 12, and 13; adoption of== this ~~report;~~==report, 5 to 0 with one abstention;== approval of the October 15 minutes ==and correction of the February 10 minutes== | ## Appendix J: Drafting detail **Changed:** - **Existing exemption.** The new chapter should state that it does not narrow RSA 399-G:3, ~~VII,~~==VII== as ~~applied~~==it applies== to ~~persons other than issuers.~~==builders.== **Deleted:** - ~~**Securities guidance.** The guidance should be consistent with the SEC staff's view that a security's format and recordkeeping method do not change how securities law applies (SEC Divisions of Corporation Finance, Investment Management, and Trading and Markets, Statement on Tokenized Securities, January 28, 2026).~~ **Added:** - ==**Securities guidance.** Any guidance would follow the Bureau's study and should track current SEC staff views as they develop, rather than a particular staff statement.== ## Editorial corrections before publication (summary item 15) **Changed (Disclaimer):** ~~State departments may state their own positions in Appendix F, and members may add statements in Appendix G.~~ ==State departments represented on the Commission and members were invited to submit written statements by 2:00 PM, Friday, October 30, 2026; statements of state departments' own positions are reproduced in Appendix F, and members' statements in Appendix G.== **Changed (What the Commission concluded):** …and a state bankers association that has joined a bank-owned payments network in development ~~(§5.2).~~==(§5.2, §8.1).== **Changed (Recommendations):** | No. | Recommendation | Vehicle | |---|---|---| | 12 | ~~Redraft~~==Study the blockchain-based trusts concept and redraft== the ~~blockchain-based trusts~~ proposal for the 2028 session | Legislation, after review | | 13 | Study a state token, a tokenized municipal bond pilot, and open questions==, including markets in tokenized securities== | Further study | **Changed (§2.2 Membership):** …two Senators, the ~~Banking~~==Bank== Commissioner, the Secretary of State… **Changed (§2.5 How to read this report):** …and makes no recommendation on them== other than further study (Recommendation 13)==. On September 17, 2026… **Changed (§12 table):** | 12 | Blockchain-based trusts: ==study and== redraft for the 2028 session | Legislation, after review | **Changed (§12.1, Recommendation 2):** New Hampshire should exceed the federal minimum in ~~four~~==six== ways: **Changed (§12.1, Recommendation 3):** Nothing in these rules limits the ~~Banking~~==Bank== Commissioner's examination… **Changed (§13 Conclusion):** It asks ~~both agencies~~==the Banking Department and the Bureau of Securities Regulation== to consider commenting on Treasury's certification rule by November 30, 2026… **Changed (Appendices note):** *Appendices A to L follow. ~~In the transmitted report, Appendix D reproduces the full glossary;~~==The glossary (Appendix D) is published separately as [[Glossary of Terms]];== the minutes and other materials…* **Changed (Appendix B, October 15, 2025):** Record: … (Wyoming Stable Token Commission); ~~R-5~~==[R-5](%5BNew%20Hampshire%20Study%20Commission%5D%20Plume%20Oct%2015%202025.pdf)== (Plume Network) **Changed (Appendix B, November 12, 2025):** Record: …; ~~R-11~~==[[The Potential of the Blockchain for Asset Protection Planning.pdf|R-11]]== (Huyett and Quirk article); … **Changed (Appendix B, March 10, 2026):** …Mr. Gross noted that BitGo ~~is custodian for New Hampshire's Bitcoin-backed municipal bond.~~==would be custodian for the proposed BFA Bitcoin-backed bond (rejected July 8, 2026; §2.6).== **Changed (Appendix B, September 17, 2026):** Record: … (BankChain Alliance Presentation) ~~(the meeting note lists the Fiserv deck as "to be posted").~~==. Fiserv's slides were not provided for the record.== **Changed (Appendix D. Glossary of terms):** The Commission's glossary is ~~maintained as a separate document:~~==published separately as== [[Glossary of Terms]]. It defines more than 400 terms used in the Commission's meetings and in this report, from "attestation" to "zero-knowledge proof." ~~It will be reproduced in full in the transmitted report, updated to conform to the report as adopted, including entries for terms the report introduces (such as the Office of Financial Innovation, the builder safe harbor, and the compliance mark) and the OCC's final GENIUS Act rule.~~ **Changed (Appendix E, Part 1, October 15, 2025):** …; ~~R-5~~==[R-5](%5BNew%20Hampshire%20Study%20Commission%5D%20Plume%20Oct%2015%202025.pdf)==: Plume Network, presentation to the Commission; … **Changed (Appendix J, Office of Financial Innovation):** …with the ~~Banking~~==Bank== Commissioner and the Director of the Bureau of Securities Regulation as non-voting members.